Cannabis Pharmaceutical Market Size to Reach USD 211.7 Billion by 2032 growing at 58.3% CAGR - Exclusive Report by Acumen Research and Consulting

The Cannabis Pharmaceutical market, valued at USD 3.5 Billion in 2023, is projected to surpass USD 211.7 Billion by 2032, indicating a robust CAGR of 58.3% The cannabis pharmaceutical market is expanding rapidly, driven by increased acknowledgment of cannabis-derived chemicals for medicinal purposes. Rising demand for therapies for chronic pain, epilepsy, multiple sclerosis, and chemotherapy-induced nausea are among the major drivers. Regulatory changes in support of medicinal cannabis usage in many locations have fueled industry growth. Leading businesses, such GW Pharmaceuticals (Jazz Pharmaceuticals) and Canopy Growth Corporation, are at the vanguard, creating FDA-approved medications such as Epidiolex and researching new therapeutic areas. Cannabis pharmaceuticals firms have announced mergers and acquisitions, partnerships and collaborations, and new product development to strengthen their position in the cannabis pharmaceuticals market. Major players are also expanding into new territories with cutting-edge technologies to obtain a competitive advantage. Avicanna Inc. acquired the acquisition of Shoppers Drug Mart's Medical Cannabis by Shoppers operation in August 2023, and subsequently launched MyMedi.ca, a new medical cannabis treatment platform.  Additionally, in February 2023, Aurora Cannabis Inc., a Canadian firm, collaborated with MedReleaf Australia to launch CraftPlant, a new medical cannabis brand. This launch presented three revolutionary products for the Australian patient community: Navana, HiVolt, and Greendae. Moreover, Jazz Pharmaceuticals finalized its acquisition of GW Pharmaceuticals plc, a company that develops and offers prescription cannabinoids, in May 2021. Limited awareness and stigma around cannabis use have been obstacles for the cannabis pharmaceutical market. Despite these challenges, the market is growing due to advancements in developing new cannabis-based medicines and treatments. Increased research and innovation are helping to overcome these barriers. As new products are introduced, acceptance and understanding of cannabis in medicine are likely to improve. This progress is driving the market forward. Cannabis Pharmaceutical Market Statistics The global cannabis pharmaceutical market, valued at USD 3.5 billion in 2023, is expected to grow at a robust CAGR of over 58.3% from 2024 to 2032 Europe led the market with USD 1.4 billion in revenue in 2023 North America is projected to experience significant growth, with an estimated CAGR of 60% The epidiolex sub-segment showed a 48% growth in 2023 The hospital pharmacy distribution channel is anticipated to generate a substantial share of revenue in 2023 A notable trend in the market is the increasing acceptance of cannabis-based treatments for chronic pain and neurological disorders Request for a sample of this premium research report@ https://www.acumenresearchandconsulting.com/request-sample/2560 Cannabis Pharmaceutical Market Dynamics Increasing Acceptance of Cannabis for Medical Use Fuels the Cannabis Pharmaceutical Market Value The growing acceptance of cannabis for medical use is greatly increasing the cannabis pharmaceutical market. As more places make cannabis legal for medical reasons, more people are looking for cannabis-based medicines. Research is showing that cannabis can help with conditions like chronic pain and epilepsy. This has led to more investment in developing new cannabis-based drugs and conducting clinical trials. Changes in laws and insurance coverage are also helping the market grow. More pharmaceutical companies are getting involved, creating new products and delivery methods. Overall, the increasing use of cannabis for medical purposes is driving up the market value. Expansion into New Geographic Markets with Evolving Regulations Offer Significant Cannabis Pharmaceutical Market Opportunity The expansion of the cannabis pharmaceutical market into new geographic regions presents a significant opportunity due to evolving regulations. As countries and states continue to adapt their legal frameworks for medical cannabis, pharmaceutical companies can enter previously restricted markets, driving growth and innovation. This regulatory evolution creates an environment ripe for the development of new cannabis-based therapies and treatments. Additionally, growing acceptance and legalization of cannabis for medicinal use globally expand market potential and consumer base, further accelerating industry growth. Cannabis Pharmaceutical Market Segmentation The global market for cannabis pharmaceutical has been segmented into, product, and distribution channel, and region. Product are divided into epidiolex, marinol, cesamet, and sativex End-users are categorized into hospital pharmacy, online pharmacy, and retail pharmacy The cannabis pharmaceutical market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa Cannabis Pharmaceutical Market Regional Outlook In terms of cannabis pharmaceutical market analysis, Europe dominates the cannabis pharmaceutical business since numerous nations have legalized the use of medical cannabis. The region has a robust healthcare system and a high demand for novel treatment solutions. There are also numerous active research studies and clinical trials to assist develop cannabis-based treatments. Furthermore, several significant corporations and partnerships are headquartered in Europe, which strengthens its market position. North America expected to show robust growth in cannabis medications industry. The increasing prevalence of diseases such as Alzheimer's and cancer is driving regional market expansion. The presence of large businesses in the region is increasing the regional market value. The biggest economies of the region, particularly the United States and Canada, provide significant contributions to the regional market value. The region is followed by Europe, which is seeing an increase in awareness of cannabidiol-infused products. Furthermore, Asia Pacific is expected to see the greatest increase. Cannabis Pharmaceutical Market Players Cannabis pharmaceutical companies profiled in the report include AbbVie Inc., Avicanna, Inc., Bausch Health, Benuvia Operations, LLC, Canopy Growth Corporation, CNBX Pharmaceuticals, Cronos Group Inc., Corbus Pharmaceuticals, GW Pharmaceuticals (Jazz Pharmaceuticals), Panaxia Pharmaceuticals, Pfizer, Teva Pharmaceuticals, and Zynerba Pharmaceuticals, Inc. Click here to buy the Premium Market Research report https://www.acumenresearchandconsulting.com/buy-now/0/2560 Receive our personalized services and customization by clicking here https://www.acumenresearchandconsulting.com/request-customization/2560 Mr. Richard Johnson Acumen Research and Consulting India: +918983225533 E-mail: sales@acumenresearchandconsulting.com